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Kaptur urges greater transparency on the part of sovereign wealth funds

Feb. 8, 2008: The rising influence of sovereign wealth funds deepens U.S.-“America’s insecurity, forcing the U.S. further in debt to foreign interests,” U.S. Rep. Marcy Kaptur (OH-9) told a special congressional panel. 

“More often than not, these deals are presented as purely financial when they are, in fact, political and strategic,” Kaptur said.  “The funds suffer from a severe lack of transparency, especially with regard to governance.  Many are run by undemocratic governments with powerful strategic objectives.”

Congresswoman Kaptur, the senior woman in the U.S. House, made her comments during testimony to the United States-China Economic and Security Review Commission.  She said U.S.-America needs to reclaim its economic independence and security, noting that the percentage of U.S. debt held by foreign interests has increased from 17 percent in 1983 to 54 percent in 2006.

She said Congress should require disclosure and increased transparency of all sovereign wealth funds.





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